IBAC tech committee makes data exchange a key priority

Ensuring that brokers and insurers are operating on a level digital playing field has been named a key priority by the Insurance Brokers Association of Canada’s (IBAC) Technology Committee.

The committee recently announced the launch of the IBAC D/X Action Plan, pushing for the national adoption a Data Exchange (D/X) Model for tech integration between brokers, insurers and industry partners.

“IBAC believes that by building broker consensus on the D/X Model, and putting a national focus on real-time technology integration, insurance carriers and partners can make better decisions around their strategies and investments moving forward,” IBAC CEO Peter Braid said in a press release.

IBAC’s D/X Model requires that transactions that start in a Broker Management System (BMS) finish in the BMS. All data transmissions must adhere to CSIO standards, and workflows must avoid connections to insurers’ web portals.

The association will develop a D/X certification process, and plans to identify off-the-shelf technologies compatible with its D/X Model.

“There is a lot of work to be done to achieve real-time technology integration,” said IBAC technology consultant Kim Opheim. “However, with the clear objectives of the D/X Model and the significant ongoing investments in technology modernization by insurers, we have never been in a better position to actually make this happen, and we’re already seeing significant steps in this direction.”